Financial Data and Key Metrics Changes - Year-to-date management and advisory fee revenue grew by nearly 12% while fee-related earnings increased by over 14% compared to the prior year period [5] - GAAP EPS for the year-to-date period was $0.79 based on $25.1 million of GAAP net income, while non-GAAP EPS was $0.91 based on $48.8 million of adjusted net income [5] - Total asset footprint reached approximately $547 billion, representing a 14% year-over-year increase [14] - Fee-related earnings were up 14% versus the prior year period due to revenue growth [33] Business Line Data and Key Metrics Changes - Total fee-earning AUM grew by $3.2 billion or nearly 9% year-over-year, driven by positive fund flows from both specialized funds and customized separate accounts [17] - Fee-earning AUM from customized separate accounts stood at $24.6 billion, growing approximately 7% over the past 12 months [18] - Specialized funds achieved positive inflows of nearly $1.5 billion, resulting in an 11% increase in fee-earning AUM [19] Market Data and Key Metrics Changes - The rebound in private markets has not been uniform, with growth and technology sectors performing well while energy and some regional markets struggled [13] - Total AUA increased by over $68 billion, approximately 14% year-over-year [15] Company Strategy and Development Direction - The company is focused on expanding its Asian presence with a new office in Singapore and a new headquarters in Philadelphia [9][10] - The firm aims to enhance diversity and inclusion within its workforce, with women and minorities representing 50% of the global workforce [12] - The company is adapting its fee structures to meet investor preferences, offering choices between traditional and invested capital fee models [24] Management's Comments on Operating Environment and Future Outlook - Management noted that investors have maintained or increased their allocations, with a small shift favoring growth-oriented investments [13] - The firm expects continued growth in fee-earning AUM driven by reups from existing clients and the addition of new clients [17] - Management expressed optimism about the market's strength and the potential for increased realization activity due to favorable conditions [65] Other Important Information - The company declared a dividend of $31.25 per share, marking a 13.6% increase over the previous fiscal year [5] - The firm recognized $6.1 million in retro fees from the secondary fund, compared to $2.8 million from the prior year [30] Q&A Session Summary Question: Outlook for distributions and drivers - Management indicated that distributions are influenced by the aging of assets and timing mismatches between reups and expirations, with growth expected to remain strong despite timing noise [40][41] Question: New fee structure impact - The new fee structure was designed to provide investors with choices based on their preferences for upfront versus back-end fees, with early indications of strong demand [43] Question: Operating leverage and expense growth - Management acknowledged positive operating leverage but noted that G&A expenses are expected to rise as travel and other activities normalize [46][47] Question: Credit fund strategy - The credit fund is opportunistic, allowing for tactical adjustments based on market conditions, focusing on performing credit currently [74] Question: Opening of Singapore office - The Singapore office aims to enhance the firm's presence in Asia, aligning with client investment activities in the region [75]

Hamilton Lane Incorporated (NASDAQ:HLNE) Q1 2021 Earnings Conference Call August 4, 2020 11:00 AM ET Company Participants John Oh - Investor Relations Manager Mario Giannini - Chief Executive Officer Erik Hirsch - Vice Chairman Atul Varma - Chief Financial Officer Conference Call Participants Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley Alexander Blostein - Goldman Sachs Chris Harris - Wells Fargo Robert Lee - KBW Chris Shutler - William Blair Operator Ladies and gentlemen, thank you for stand ...

PART I - FINANCIAL INFORMATION This section provides the company's unaudited condensed consolidated financial statements and management's discussion and analysis for the quarter ended June 30, 2020 [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended June 30, 2020, including balance sheets, income statements, and cash flows, along with detailed notes on accounting policies and financial details [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $526.5 million from $473.5 million, driven by higher cash and deferred income taxes, while total liabilities rose to $293.9 million primarily due to an increase in payable to related parties Condensed Consolidated Balance Sheets (in thousands) | | June 30, 2020 | March 31, 2020 | | :--- | :--- | :--- | | **Total assets** | **$ 526,507** | **$ 473,529** | | Cash and cash equivalents | $ 71,091 | $ 50,124 | | Investments | $ 194,864 | $ 207,747 | | Deferred income taxes | $ 191,375 | $ 137,941 | | **Total liabilities** | **$ 293,896** | **$ 236,128** | | Payable to related parties pursuant to tax receivable agreement | $ 143,370 | $ 98,956 | | Debt | $ 74,538 | $ 74,524 | | **Total equity** | **$ 232,611** | **$ 237,401** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Total revenues increased to $69.7 million, but a significant $21.2 million equity loss from investees led to a sharp decline in net income attributable to Hamilton Lane Incorporated to $3.2 million, with diluted EPS falling to $0.11 Condensed Consolidated Statements of Income (in thousands, except per share amounts) | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | **Total revenues** | **$ 69,744** | **$ 64,686** | | Management and advisory fees | $ 67,267 | $ 60,551 | | Incentive fees | $ 2,477 | $ 4,135 | | **Total expenses** | **$ 40,911** | **$ 37,693** | | Equity in (loss) income of investees | $ (21,203) | $ 6,213 | | **Income before income taxes** | **$ 6,892** | **$ 31,790** | | **Net income** | **$ 4,968** | **$ 27,453** | | **Net income attributable to Hamilton Lane Incorporated** | **$ 3,246** | **$ 11,381** | | Diluted earnings per share of Class A common stock | $ 0.11 | $ 0.42 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to $47.5 million, while net cash used in investing activities decreased to $6.1 million, and net cash used in financing activities rose to $20.3 million due to a registered offering Condensed Consolidated Statements of Cash Flows (in thousands) | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$ 47,455** | **$ 33,402** | | **Net cash used in investing activities** | **$ (6,074)** | **$ (10,488)** | | **Net cash used in financing activities** | **$ (20,343)** | **$ (13,135)** | | Increase in cash, cash equivalents, and restricted cash | $ 21,028 | $ 9,783 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue breakdown, investments, and equity transactions, including a June 2020 registered offering and $143.5 million in unfunded commitments - In June 2020, the company completed a registered offering of **2,995,757 shares of Class A common stock**. Net proceeds of approximately **$205 million** were used to settle exchanges of HLA units by certain members[62](index=62&type=chunk)[93](index=93&type=chunk) Revenue by Product Offering (Three Months Ended June 30, 2020, in thousands) | Revenue Source | Amount (in thousands) | | :--- | :--- | | Specialized funds | $ 32,231 | | Customized separate accounts | $ 23,515 | | Advisory | $ 6,765 | | Other Management & Advisory Fees | $ 4,756 | | **Total management and advisory fees** | **$ 67,267** | | **Total incentive fees** | **$ 2,477** | - As of June 30, 2020, the company had unrecognized carried interest subject to contingencies amounting to **$310.9 million**, net of amounts attributable to non-controlling interests[77](index=77&type=chunk) - The company's aggregate unfunded commitment to its Partnerships was **$143.5 million** as of June 30, 2020[79](index=79&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting an 8% revenue growth to $69.7 million, a significant impact from a $21.2 million equity loss in investees, and growth in fee-earning AUM to $39.0 billion [Business Overview](index=24&type=section&id=Business%20Overview) Hamilton Lane is a global private markets investment solutions provider offering Customized Separate Accounts, Specialized Funds, and Advisory Services to a diverse institutional client base - The company's primary business offerings include: - **Customized Separate Accounts**: Discretionary portfolios with approximately **$54 billion** in AUM - **Specialized Funds**: Primary, secondary, and direct/co-investment funds with approximately **$14 billion** in AUM - **Advisory Services**: Investment advisory for clients with approximately **$447 billion** in AUA[90](index=90&type=chunk) [Trends Affecting Our Business](index=25&type=section&id=Trends%20Affecting%20Our%20Business) The COVID-19 pandemic is the primary trend affecting the business, causing market volatility, potential decreases in incentive fees, and fundraising challenges, despite the company maintaining adequate liquidity - The COVID-19 pandemic has impacted the business in several ways: - Investment valuations may be adversely impacted by market volatility - Incentive fee revenue may decrease due to a more limited environment for investment exits - Fundraising and new business development may be challenged by travel restrictions and market uncertainty - The company has implemented business continuity plans and is managing operational risks associated with remote work[102](index=102&type=chunk) [Consolidated Results of Operations](index=30&type=section&id=Consolidated%20Results%20of%20Operations) Total revenues increased 8% to $69.7 million, driven by management and advisory fees, but a $27.4 million negative swing in equity in investees to a loss of $21.2 million significantly reduced income before taxes Revenue Comparison (in thousands) | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | **Total management and advisory fees** | **$ 67,267** | **$ 60,551** | | Specialized funds | $ 32,231 | $ 26,959 | | Customized separate accounts | $ 23,515 | $ 21,963 | | **Total incentive fees** | **$ 2,477** | **$ 4,135** | | **Total revenues** | **$ 69,744** | **$ 64,686** | - Total expenses increased by **$3.2 million (9%)** year-over-year, primarily due to a **$6.2 million (26%)** increase in compensation and benefits, partially offset by a **$3.0 million** decrease in general, administrative, and other expenses[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) Equity in (Loss) Income of Investees (in thousands) | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | Primary funds | $ (3,006) | $ 700 | | Direct/co-investment funds | $ (9,527) | $ 3,654 | | Secondary funds | $ (2,162) | $ 641 | | Customized separate accounts | $ (6,027) | $ 1,369 | | **Total** | **$ (21,203)** | **$ 6,213** | [Fee-Earning AUM](index=33&type=section&id=Fee-Earning%20AUM) Fee-earning Assets Under Management (AUM) increased by $0.3 billion to $39.0 billion, driven by new commitments to specialized funds, partially offset by distributions exceeding contributions in customized separate accounts Fee-Earning AUM Rollforward (in millions) | | Customized Separate Accounts | Specialized Funds | Total | | :--- | :--- | :--- | :--- | | **Balance, beginning of period** | **$ 24,545** | **$ 14,118** | **$ 38,663** | | Contributions | $ 1,009 | $ 791 | $ 1,800 | | Distributions | $ (1,110) | $ (195) | $ (1,305) | | Foreign exchange, market value and other | $ (158) | $ 6 | $ (152) | | **Balance, end of period** | **$ 24,286** | **$ 14,720** | **$ 39,006** | [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) Fee Related Earnings (FRE) increased to $27.5 million and Adjusted EBITDA rose to $31.6 million, while non-GAAP earnings per share, assuming full HLA unit conversion, decreased to $0.13 Reconciliation to Fee Related Earnings and Adjusted EBITDA (in thousands) | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net income attributable to HLI | $ 3,246 | $ 11,381 | | **Fee Related Earnings** | **$ 27,529** | **$ 24,775** | | **Adjusted EBITDA** | **$ 31,601** | **$ 29,703** | Non-GAAP Earnings Per Share | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | Adjusted net income (in thousands) | $ 6,792 | $ 23,840 | | Adjusted shares outstanding | 53,573,570 | 53,462,608 | | **Non-GAAP earnings per share** | **$ 0.13** | **$ 0.45** | [Investment Performance](index=37&type=section&id=Investment%20Performance) This section details the historical performance of the company's discretionary investment accounts through March 31, 2020, presenting realized and unrealized gross and net Internal Rates of Return (IRR) and multiples for specialized funds - The report provides detailed performance tables for specialized funds, showing metrics such as Gross IRR, Net IRR, and multiples for both realized and unrealized investments, with Co-Investment Fund III (2014 vintage) showing a realized gross IRR of **47.2%** and a combined realized/unrealized gross IRR of **13.1%**[160](index=160&type=chunk)[162](index=162&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains liquidity primarily through management fees, holding $71.1 million in cash and cash equivalents, with $75.0 million in debt outstanding and $47.5 million in net cash from operations for the quarter - As of June 30, 2020, the company had **$71.1 million** in cash and cash equivalents, with primary cash sources being management fees, incentive fees, and fund distributions[170](index=170&type=chunk)[171](index=171&type=chunk) - The company has several loan agreements with First Republic Bank, including a **$75 million** term loan and a **$75 million** multi-draw term loan facility, with **$75.0 million** in principal debt outstanding as of June 30, 2020[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) Cash Flow Summary (in thousands) | | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $ 47,455 | $ 33,402 | | Net cash used in investing activities | $ (6,074) | $ (10,488) | | Net cash used in financing activities | $ (20,343) | $ (13,135) | [Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is tied to the fair value of investments, affecting equity in income of investees, and it faces interest rate risk where a 100 basis point increase would raise annual interest expense by $0.4 million - The company's main market risk exposure is related to its general partner investments, which can adversely affect equity in income of investees, while management fees are not significantly impacted by market value changes[195](index=195&type=chunk) - A hypothetical **100 basis point** increase in interest rates would result in an estimated **$0.4 million** increase in interest expense over the next 12 months on its floating-rate debt[199](index=199&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2020, with no material changes to internal control over financial reporting during the quarter - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's disclosure controls and procedures were effective as of June 30, 2020[203](index=203&type=chunk) - There were no material changes to internal control over financial reporting during the quarter ended June 30, 2020[204](index=204&type=chunk) PART II - OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, and a list of exhibits filed with the report [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company states that while it may be subject to various legal proceedings, no pending or threatened claim is expected to materially affect its consolidated financial statements - In the opinion of management, it is not probable that any pending or threatened legal proceeding would individually or in the aggregate materially affect the company's condensed consolidated financial statements[207](index=207&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes from the risk factors previously disclosed in its Annual Report on Form 10-K for the fiscal year ended March 31, 2020 - There have been no material changes from the risk factors previously disclosed in the company's 2020 Form 10-K[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter ended June 30, 2020, the company did not repurchase any shares of its Class A common stock, with the full $50 million authorization under its Stock Repurchase Program remaining available Issuer Purchases of Equity Securities (in dollars) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | | :--- | :--- | :--- | :--- | | April 1-30, 2020 | — | $ — | $ 50,000,000 | | May 1-31, 2020 | — | $ — | $ 50,000,000 | | June 1-30, 2020 | — | $ — | $ 50,000,000 | [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and financial data formatted in Inline XBRL - The exhibits filed with this report include CEO and CFO certifications (Exhibits **31.1, 31.2, 32**) and financial statements in Inline XBRL format (Exhibit **101**)[211](index=211&type=chunk)

Hamilton Lane Incorporated (NASDAQ:HLNE) Q4 2020 Earnings Conference Call May 28, 2020 11:00 AM ET Company Participants John Oh - IR Manager Mario Giannini - CEO Erik Hirsch - VC Atul Varma - CFO and Treasurer Conference Call Participants Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley Alex Blostein - Goldman Sachs Chris Harris - Wells Fargo Chris Kotowski - Oppenheimer Robert Lee - KBW Chris Shutler - William Blair Operator Good morning. My name is Jason, and I will be your conference operator t ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission file number 001-38021 HAMILTON LANE INCORPORATED UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 or (Exact name of Registrant as specified in its chart ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission file number 001-38021 HAMILTON LANE INCORPORATED (Exact name of Registrant as specified in its char ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission file number 001-38021 Delaware 26-2482738 (State or other jurisdiction of incorporation or organization) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission file number 001-38021 HAMILTON LANE INCORPORATED (Exact name of Registrant as specified in its charter) Delaware (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2018 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________ Commission file number 001-38021 HAMILTON LANE INCORPORATED (Exact name of Registrant as specified in its chart ...